Money changes everything – unless it doesn't

Month: April 2016

If you are paying employees, you should be watching out for any of these. If you’re compliant, great! If not, there are resources to assist you.

1.Are you paying your employees premium time/overtime after 40 hours worked each workweek? (Overtime is calculated weekly regardless of your payroll frequency). Your workweek should be set for each of your employees or groups of employees and an employer should not veer from that. (See the Fair Labor Standards Act (FLSA), and your state rules)

2.Are all of your workers categorized correctly? Are some called independent contractors while others with the same responsibilities are called employees? (See IRS Form SS-8)

3.Are you withholding appropriately from regular pay, as well as bonuses, overtime, lump sums, etc.? Remember that supplemental pay must be taxed, using either the aggregate method or the supplemental rates (See IRS Publication 15)

4.Are you withholding the correct state and local taxes for all your work locations? Remember this includes remote/home workers too. (See: Nexus rules)

5.Do you offer benefits to your employees? Remember that some benefits are mandated by state or municipal laws, for example, transit benefits in New York City, sick pay in various cities.

6.If you have not offered benefits to employees, have you fulfilled all necessary compliance for the ACA? (See IRS Pubs. 15A and 15B)

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Startups are natural rule breakers. You’ve got to ruffle a few feathers and disrupt the status quo if you want to build the next Facebook. But there’s one area where startups definitely don’t want to break the rules: payroll and HR. Startups that don’t comply with payroll and HR laws can face serious legal and…

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April 4-13 has been designated as “my Social Security” week. The Social Security Administration encourages every American to visit the SSA website and open a “my Social Security” account. The Social Security Administration wants everyone to understand their future benefits and how they grow.

What does it do for you?

If you aren’t currently receiving benefits, you can:

You can download your own copy of Your Social Security annual statement. While you gain instant access, you’re also contributing to the Green movement! You can instantly verify your earnings for the most recent work year, while also seeing an estimate of your future retirement, survivors’ or disability benefits.

You can request a benefit verification letter, stating either that you are or are not collecting benefits, whether from disability, survivors’ or retirement.